South African hotel and casino tycoon Sol Kerzner has just sold the first of three prime penthouses at his resort, the One&Only hotel, being built at the prestigious V&A Waterfront in Cape Town, South Africa. The apartment went for a whopping R 110 million (US $14 million ) making it the most expensive apartment ever sold on the continent.

Kerzner said: "These apartments will be, without question, among the most sought-after and luxurious in existence. They will do much to establish the One&Only Cape Town as one of the finest luxury properties in the world. I am very pleased with the sale."

The sale comes when South Africa is experiencing a downturn in the property market but a confident Kerzner believes he would sell the other two before the end of the year and said he had not been concerned about the property slump when he set the base line price at R100m.

"These prices are not unheard of. The properties have generated a lot of interest. It is in a unique position with spectacular views of Table Mountain, the marina and Robben Island. Cape Town is definitely one of the world's premier destinations."

The penthouses, which would take two top floors of the R1 billion One&Only hotel, have their own pool terraces and private lifts, and their owners can choose from a range of personalised services from the hotel, including a concierge and butler, a housekeeper, access to the spa and fitness centre - and a la carte catering from the hotel's Nobu restaurant.

While the sale might have set a landmark on the continent, it is still a far cry for the world’s most expensive apartments which has been set at US $200 million. The penthouses to be located at One Hyde Park, London are expected to be completed in 2010.

The London penthouse apartments will feature bullet proof windows, purified air systems and "panic rooms" and everyone on site will have access to an underground passage leading to the nearby Mandarin Oriental hotel.